Chapter 88: Public and Private Treasuries
TL: Etude
Paul patiently explained to the old steward why he wanted to separate the finances of the lords estate into internal and external accounts.
Although Philip felt somewhat disappointed at first, he soon came to understand the rationale. f๐ee๐ฐ๐ฒ๐n๐จv๐๐น.com
Recently, the income of the lords estate had been increasing in both volume and complexity, and so had the expenditures. Philip, feeling his age and diminishing strength, worried that a miscalculation on his part could jeopardize the Counts important affairs.
Relinquishing his reservations, Philip stood up and bowed deeply to Paul, saying, Count, I fully comply with your arrangements.
Paul was deeply moved by the old stewards understanding and, once again, came around the table to firmly grasp Philips hands, sincerely saying, Philip, I will still rely heavily on your care in my personal life.
Tears glistened in the old stewards eyes as he replied, Rest assured, Count.
In the afternoon, the senior officials of the Administration Council gathered at the lords estate, where Paul announced his decision:
Given the reasons mentioned, Ive decided to split the estates treasury into two parts: a private treasury for my personal expenses and a public treasury for the public affairs of Alda.
This announcement perplexed everyone in the room. They knew that the royal family separated their public and private treasuries, but had never heard of a local lord doing the same.
Eventually, Ford, the chief steward, coughed and said to Paul, Count, isnt it unnecessary to make such a fine distinction? Technically, all this money is your property.
Indeed, in this era, including the king, lords of all ranks considered everything within their domains as their private property.
I understand, Paul replied, but I think its better to have clearer roles and responsibilities for each department now that we have established such a complex administrative team.
Paul wasnt about to play the noble at this moment. He was determined to keep a firm grip on where the money went.
Now that we have a Department of Finance, lets allow it to fully exercise its function, not just to calculate budgets.
Old Philip is getting on in years, and our estates financial situation is becoming increasingly complicated. How can you bear to see such a heavy burden on his shoulders alone?
After hearing this, Ford asked curiously, Do you mean?
Paul nodded and said, Yes, from now on, Philip will continue to manage the private treasury, while the public treasury will be managed by the Department of Finance in the Administration Council.
The officials were astonished. Money, being such an important matter, should be managed by ones most trusted retainers. Who else in the estate, apart from Philip, could that be?
However, the members of the Department of Finance were elated, immediately standing to say, Please rest assured, Count, we will not let you down.
Previously, they were only responsible for crunching numbers, but Pauls change potentially meant they now had some real authority.
Ford, understanding Pauls decision, knew the current state of the estate and recognized the need for professionals to handle the finances.
Paul continued, Lets discuss how the estates income will be allocated, what goes into the private treasury, and what into the public treasury.
Old Ford said, Its all up to the Counts decision.
Paul hesitantly said, My initial plan is that all tax revenues of Alda will go into the public treasury. Furthermore, from now on, the profits generated from various factories, workshops, stores, etc., established with public funds will also be entirely credited to the public treasury.
And as for the Grayman familys estates, the profits from the paper mill, porcelain factory, and the already planned cannery, as well as the fees for technological cooperation with private operators, and the income from investments made with the private treasury, all these revenues will go into the private treasury.
What do you think?
Ford, the chief steward, responded, Count, I think it would be sufficient to allocate only the tax revenues to the public treasury. The rest of the income should remain in your private treasury.
Paul breathed a sigh of relief. He had been concerned that allocating too much to his personal treasury might cause dissatisfaction among others, but now he saw there was no need for such worry.
Cough, this private treasury is for my personal expenses. If the public treasury runs low, I dont want to have to cover it with funds from my private one. Conversely, I will try not to satisfy my personal desires using the public treasury.
Ford quickly said, Thats out of the question, Count. Even the money in the public treasury is yours and at your disposal.
The other officials also echoed Fords sentiment.
Paul gestured dismissively, Alright, since its to be at my discretion, lets settle it this way.
Seeing Pauls insistence, Ford did not object further. In his heart, he was actually pleased, as the lord had delegated nearly half of the financial authority to the Administration Council he led. This would make their work easier, and with the establishment of various industries, the income flowing into the public treasury was likely to increase.
Paul! a voice called out.
The only person present bold enough to address the lord by his first name was Count Malron Ganard.
Every time Paul convened a meeting of the Administration Council, Malron was included, and his opinions were sought, especially on matters concerning Baylding. This made Malron very content.
Lately, Malron had become more cheerful, seemingly having moved past previous troubles. He actively participated in discussions, expressing his opinions, though he never opposed the consensus.
What is it, Malron?
Malron spoke up briskly, Lets handle Bayldings income the same way. The income from the Ganard familys lands and shops will go to me personally, while the taxes from the land will go into this public treasury, to be managed by the Administration Council.
Bayldings finances were kept separate to avoid the impression that Alda was annexing Baylding. Although, with Malrons compliance to Pauls directives, it was almost a moot point.
Though slightly surprised, Paul found Malrons suggestion perfectly aligned with his intentions. Of course, he had to maintain appearances.
Malron, are you sure about this?
Before Paul could finish, Malron laughed heartily, Of course, Ive thought it through! Being by your side lately, Ive witnessed your actions firsthand. This aligns with the goals I had set for myself. And both you and Ford have been fair to both Alda and Baylding, showing no partiality. Why not join the two strands into one then?
Paul was genuinely moved, patting his chest as he promised his blood-sworn brother, Since you trust me so much, I swear that as prosperous as Alda becomes, so will Baylding. If the people of Alda eat meat, the people of Baylding will not just have soup.
Ive always trusted you, my brother!
Malron approached and grasped Pauls hand, speaking sincerely.